Repo rate is the key interest rate at which it lends short-term funds to commercial banks.

The Reserve Bank of India's Monetary Policy Committee (MPC) cut key interest rate for the fourth consecutive time. Reserve Bank's MPC cut repo rate by 35 basis points or 0.35 per cent to 5.40 per cent, the lowest in over nine years. Repo rate is the key interest rate at which the central bank lends short-term funds to commercial banks. The six-member monetary policy committee (MPC) also maintained the "accommodative" stance on the monetary policy. In the earlier three policies, the central bank had reduced repo rate by 25 basis points each. The RBI also revised real GDP growth for 2019-20 downwards to 6.9 per cent from 7 per cent in the June policy.

Here are the LIVE updates of the third bi-monthly policy review by the Reserve Bank of India (RBI):

Aug 07, 2019

13:24 (IST)

According to experts, the rate cut shows RBI's concern about growth. (Read more)

Aug 07, 2019

13:12 (IST)

Excellent. I had just tweeted about the need to roll up our sleeves & get the GDP growth engine moving faster. Clearly, the RBI is leading from the front.. 👏👏👏 @DasShaktikantahttps://t.co/uWQuzkhdDA